During 6 months, sovereign issuers borrowed 128 billion dollars compared to the first half of 2017
(Issuers` League Tables of international and domestic bonds, 1H 2018), the market
volume decreased by 11 billion dollars. The first place was taken by Qatar; a year ago, the
country did not place international bonds and was absent in the ranking. This year, on April 12th, 2018,
the emirate placed 3 dollar issues for 12 billion dollars. The second place was taken by Saudi Arabia. Two
days before the issuance of Qatar's international bonds, the Kingdom of Saudi Arabia placed 3 dollar issues for 11 billion dollars.
The third place is taken by the DM's representative: Sweden. The country borrowed 10.9 billion dollars in the form of three tranches.

Top 5 sovereign international bond issuers

#

Issuer

Volume, mln. USD

Markets share, %

Number of issues

1

Qatar

12 000

9.3

3

2

Saudi Arabia

11 000

8.5

3

3

Sweden

10 907

8.4

3

4

Argentina

9 000

6.98

4

5

Oman

6 500

5

3

Non-financial companies from developed and emerging countries borrowed 966 billion
dollars in domestic and international markets. Compared to the 1st half of 2017, the
amount of placements decreased by 70 billion dollars (or by 7%). The top five companies
were almost completely replaced. In the 1st half of 2017, the top five consisted of US
companies only: Verizon, AT&T, Apple, Microsoft, and Volkswagen. In the first half of 2018, the top
five were: CVS Health, Bayer, Walmart, Amazon.com, and Pemex. The objectives of issuing bonds of the first
three bonds were financing of M&A transactions. The funds of the American company of the health sector CVS Health
were required for the acquisition of the insurance company Aetna, the German drug manufacturer Bayer acquires the
biotechnological giant Monsanto, and the American retailer Walmart invests in the Indian online retailer Flipkart.
In total, the top five companies borrowed 108.8 billion dollars or 11% of the market placements of non-financial issuers.

Top 5 worldwide non-financial sector issuers

#

Issuer

Volume, mln. USD

Markets share, %

Number of issues

1

CVS Health

40 000

4.1

9

2

Bayer

20 789

2.15

12

3

Walmart

16 250

1.68

9

4

Amazon.com

16 050

1.66

7

5

Pemex

15 958

1.65

7

Financial sector companies raised 1,216 billion dollars
in the bond markets. This is 11 billion dollars less than in 2017. The European Investment Bank is holding
the first place. It placed the 61st issue worth 41 billion dollars. The second place is taken by Deutsche Bank (33 issues for 30 billion dollars), and the
third place is taken by Bank of America (11 issues for 26 billion dollars), which took the
second place in the 1st half of 2017. These companies are followed by
Landesbank Hessen-Thueringen (203 issues for 23 billion dollars) and the EFSF (7 issues for 23 billion dollars).

Top 5 worldwide financial sector issuers

#

Issuer

Volume, mln. USD

Markets share, %

Number of issues

1

European Investment Bank

41 399

3.4

61

2

Deutsche Bank

30 369

2.5

33

3

Bank of America Corp

26 831

2.2

11

4

Landesbank Hessen-Thueringen (Helaba)

23 797

1.96

203

5

EFSF

23 213

1.91

7

Non-financial issuers from emerging markets in the 1st half
of 2018 raised 154 billion dollars in comparison to 151 billion dollars in the 1st half of 2017. The market
volume has not virtually changed. The top five are Pemex, Teva Pharmaceutical Industries, China National Chemical Corporation,
Tencent Holdings, and Center Holdings. Five companies sold bonds worth 39.5 billion dollars.

Top 5 EM international bond non-financial sector issuers

#

Issuer

Volume, mln. USD

Markets share, %

Number of issues

1

Pemex

15 958

10.3

10

2

Teva Pharmaceutical Industries

8 949

5.78

4

3

China National Chemical Corporation

6 439

4.16

6

4

Tencent Holdings

5 000

3.2

4

5

Center Holdings

3 329

2.1

1

Financial issuers from emerging markets in the 1st half of 2018
raised 118 billion dollars or 20 billion dollars less than in the 1st half of 2017. The first five places were
shared between: Asian Development Bank,
Qatar National Bank, Itau Unibanco Nassau Branch, African Development Bank, and KEXIM. The total share of banks was 26.4%.

Top 5 EM international bond financial sector issuers

#

Issuer

Volume, mln. USD

Markets share, %

Number of issues

1

Asian Development Bank

12 801

10.7

24

2

Qatar National Bank

5 542

4.67

18

3

Itau Unibanco Nassau Branch

5 018

4.23

3

4

African Development Bank

4 171

3.5

15

5

Kexim

3 864

3.2

17

The total volume of state and corporate sector placements in the CIS region in the international market was 16 billion dollars.
In the 1st half of 2017, the results were much better: 26 billion dollars. The first five places: Russia (4 billion dollars),
KazMunayGaz (3.2 billion dollars), Gazprom (1.7 billion dollars), Metinvest (1.35 billion dollars), and Polus (0.75 billion dollars).

Top 5 CIS international bond issuers

#

Issuer

Volume, mln. USD

Markets share, %

Number of issues

1

Russia

4 000

24.1

2

2

KazMunayGaz

11 000

8.5

3

3

Gazprom

1 722

10.4

2

4

Metinvest

1 350

8.1

2

5

Polyus

750

4,5

2

The total volume of the corporate and municipal green bond issuers market was
19 billion dollars. The European Investment Bank took the first place. The
bank sold 8 issues for 4.4 billion USD. The second place is Nederlandse Waterschapsbank
with 3 issues totaling 2.4 billion dollars. The following places for issuers: Enel, African
Development Bank, SpareBank 1 Boligkreditt, each placed one issue for the amount of: 1.49 billion dollars,
1.47 billion dollars, and 1.2 billion dollars, respectively.

Top 5 corporate and municipal green bond issuers)

#

Issuer

Volume, mln. USD

Markets share, %

Number of issues

1

European Investment Bank

4 478

23

8

2

Nederlandse Waterschapsbank

2 4101

12.3

3

3

Enel

1 491

7.66

3

4

African Development Bank

1 475

7.5

1

5

SpareBank 1 Boligkreditt

1 230

6.3

1

In June 2018, Cbonds changed the classification of the sector of central banks.
Previously, they were designated as the corporate sector, the banking industry. Now they are classified as issuers of the sovereign sector.
This change has had an impact on the formation and volume of the market for financial and sovereign issuers.
League Tables of issuers take into account plain vanilla bonds issued by governments, companies, and banks.
Bonds with a maturity period of less than 367 days, non-marketable securities, CDO, securitization and
structural products are excluded from the calculations. The League Tables currency is the US dollar.
All issues placed in other currencies were converted into US dollars at the time of placement.

Disclaimer: The information contained in this press
statement and issuers’ league table does not constitute
investment advice in any form and Cbonds does not act as an investment adviser.